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- 2024
- Working Paper
Does the Case for Private Equity Still Hold?
By: Nori Gerardo Lietz and Philipp Chvanov
Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details
- September 2021
- Case
Vignettes on Professional Service Firm Governance
By: David G. Fubini, Suraj Srinivasan and Li-Kuan Ni
The two vignettes within “Vignettes on Professional Service Firm Governance” (HBS No. 122-024) present various issues relating to governance in professional service firms (“PSFs”). In the first, the Managing Director of a U.S. consulting firm contemplates whether to... View Details
Keywords: Consulting Firms; Professional Services; Board Of Directors; Professional Service; Global Firm; Executive Leadership; Globalized Firms and Management; Private Equity; Governing and Advisory Boards; Global Strategy; Corporate Governance; Governance Controls; Leadership Development; Leading Change; Emerging Markets; Strategic Planning; Partners and Partnerships; Service Industry; United States; India
- August 2020
- Technical Note
Discounted Cash Flows (DCF) Valuation Methods and Their Application in Private Equity
- June 2020
- Teaching Note
Understanding the Brand Equity of Nestlé Crunch Bar
By: Jill Avery and Gerald Zaltman
Teaching Note for HBS Case Nos. 519-061 and 519-062. In early 2018, Nestlé announced the sale of its U.S. candy-making division and a select collection of twenty of its confectionery brands, including the Nestlé Crunch Bar, to Ferrero SpA for $2.8 billion. Under the... View Details
- 2019
- Article
Time Series Experiments and Causal Estimands: Exact Randomization Tests and Trading
By: Iavor I Bojinov and Neil Shephard
We define causal estimands for experiments on single time series, extending the potential outcome framework to dealing with temporal data. Our approach allows the estimation of a broad class of these estimands and exact randomization based p-values for testing causal... View Details
- January 2019
- Supplement
Understanding the Brand Equity of Nestlé Crunch Bar (B): Data Analysis
By: Jill Avery and Gerald Zaltman
In early 2018, Nestlé announced the sale of its U.S. candy-making division and a select collection of 20 of its confectionery brands, including the Nestlé Crunch Bar, to Ferrero SpA for $2.8 billion. Luckily, an old consumer research study on the Nestlé Crunch Bar... View Details
Keywords: Brand Management; Market Research; Brand Positioning; Value Proposition; Consumer Products; Fast Moving Consumer Goods; Qualitative Methods; Zaltman Metaphor Elicitation Technique; ZMET; Data Analysis; Marketing; Marketing Strategy; Brands and Branding; Consumer Behavior; Marketing Communications; Analytics and Data Science; Analysis; Consumer Products Industry; Food and Beverage Industry; Advertising Industry; United States; North America; Italy
- May 2018
- Article
Linda Babcock: Go-getter and Do-gooder
By: Max Bazerman, Iris Bohnet, Hannah Riley-Bowles and George Loewenstein
In this tribute to the 2007 recipient of the Jeffrey Z. Rubin Theory‐To‐Practice Award from the International Association for Conflict Management (IACM), we celebrate Linda Babcock's contributions to diverse lines of research, her tireless and effective efforts to put... View Details
- February 2018 (Revised October 2019)
- Technical Note
The Art and Science of Brand Valuation
By: Jill Avery
Brand valuation, the art and science of calculating the economic value accruing to a firm from its use of an intangible brand asset, yields frustratingly inconsistent, discrepant, and, therefore, controversial results. While it is widely accepted that brands are... View Details
Keywords: Brand Valuation; Brand Value; Brand; Brand Management; Marketing ROI; Brand Equity; Analytics; Return On Investment; Brands and Branding; Valuation; Marketing; Marketing Strategy; Investment Return; Consumer Behavior; Advertising Industry; Consumer Products Industry; Apparel and Accessories Industry; Auto Industry; Beauty and Cosmetics Industry; Electronics Industry; Fashion Industry; Food and Beverage Industry
- January 2018 (Revised October 2019)
- Case
Christie's and Leonardo da Vinci's Salvator Mundi: The Value of a Brand
By: Jill Avery
A 16th century Renaissance masterpiece, missing for 137 years, believed by many to have been destroyed and then rediscovered less than a decade ago, becomes the most expensive painting ever sold, all the while surrounded by controversy. Did the buyer of Leonardo da... View Details
Keywords: Brands; Brand Valuation; Art Collector; Arts Marketing; Auction House; Auctions; Luxury Brand; Luxury Consumers; Luxury Goods; Marketing; Valuation; Marketing Strategy; Arts; Luxury; Value; Brands and Branding; Fine Arts Industry; Italy; United Kingdom; Europe; United States; United Arab Emirates
- August 2017 (Revised September 2023)
- Case
Altoona State Investment Board & Bain Capital Fund XI
By: Josh Lerner and Ted Berk
Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different... View Details
- July 2017 (Revised January 2020)
- Background Note
Primer on Multiples Valuation and Its Use in the Private Equity Industry
By: Victoria Ivashina and Henrik Boe
This note explores the mechanics of multiples, different types of multiples, when and how to use them, and common pitfalls associated with multiples valuation. While a multiples approach is a very convenient valuation method, breaking down the underlying assumptions... View Details
- 2015
- Working Paper
The Impact of Funds: An Evaluation of CDC 2004-12
By: Josh Lerner, Ann Leamon, Steve Dew and Dong Ik Lee
CDC was founded in 1948 as part of the U.K. government's efforts to develop the economic resources of Britain's remaining colonies. Since then, CDC has pursued a series of strategies to "do good without losing money," as its original mission was phrased. Its approach... View Details
- July–August 2013
- Article
A Joint Model of Usage and Churn in Contractual Settings
By: Eva Ascarza and Bruce G.S. Hardie
As firms become more customer-centric, concepts such as customer equity come to the fore. Any serious attempt to quantify customer equity requires modeling techniques that can provide accurate multiperiod forecasts of customer behavior. Although a number of researchers... View Details
- 2012
- Article
Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
By: Mozaffar N. Khan, Leonid Kogan and George Serafeim
In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from... View Details
- 2012
- Casebook
Venture Capital & Private Equity: A Casebook (5th Edition)
By: Josh Lerner, Felda Hardymon and Ann Leamon
Venture Capital & Private Equity: A Casebook, 5th edition provides an understanding of the ways in which private equity groups work. The casebook builds an understanding of the key distinctions in the industry and reviews and applies key ideas of corporate finance. The... View Details
- October 2011 (Revised December 2011)
- Case
Vignette: Alternative Liquidity Options
By: Felda Hardymon, Josh Lerner and Ann Leamon
The growth of companies that facilitate the sales of unregistered stock, such as that granted to employees of successful but long-private companies, has raised a number of questions among regulators, investors, and company founders. This brief vignette sketches out... View Details
- July 2011
- Article
Kidney Paired Donation
By: C. Bradley Wallis, Kannan P. Samy, Alvin E. Roth and Michael A. Rees
Kidney paired donation (KPD) was first suggested in 1986, but it was not until 2000 when the first paired donation transplant was performed in the U.S. In the past decade, KPD has become the fastest growing source of transplantable kidneys, overcoming the barrier faced... View Details
- March 2011 (Revised November 2011)
- Case
Harmonic Hearing Co.
By: Howard H. Stevenson and Craig H. Stephenson
Harmonic is a small, privately held manufacturer of hearing aids. Harriet Burns and Marc Davis, two employees at Harmonic, have an opportunity to purchase the company from the founder. As well-informed insiders who understand the industry, Burns and Davis believe the... View Details
Keywords: Debts; Quantitative Analysis; Financing; Entrepreneurial Finance; Development Stage Enterprises; Small ＆ Medium-sized Enterprises; Small Business; Business Growth and Maturation; Cash Flow; Mathematical Methods; Entrepreneurship; Financing and Loans; Borrowing and Debt; Equity; Manufacturing Industry
- September 2010
- Article
Do Inventory and Gross Margin Data Improve Sales Forecasts for U.S. Public Retailers?
By: Saravanan Kesavan, Vishal Gaur and Ananth Raman
Firm-level sales forecasts for retailers can be improved if we incorporate cost of goods sold, inventory, and gross margin (defined here as the ratio of sales to cost of goods sold) as three endogenous variables. We construct a simultaneous equations model, estimated... View Details
- 2009
- Working Paper
Systemic Risk and the Refinancing Ratchet Effect
By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
The confluence of three trends in the U.S. residential housing market—rising home prices, declining interest rates, and near-frictionless refinancing opportunities—led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details